Any tax reform that lowers the top rate and scraps deductions should be rejected (user search)
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  Any tax reform that lowers the top rate and scraps deductions should be rejected (search mode)
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Author Topic: Any tax reform that lowers the top rate and scraps deductions should be rejected  (Read 2360 times)
DC Al Fine
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Posts: 14,080
Canada


« on: March 14, 2013, 06:52:32 PM »

I mostly agree with your proposal. One small quibble though

The corporate side is where I would lower the rates.  Taxing dividends and capital gains at the ordinary levels for individuals pays for this along with a heavy excess retained earnings tax(to discourage cash hoarding).

Any tax "reform" that lowers the top rate and eliminates needed deductions should be blown up by Democrats.  

That is just begging for creative accounting or the money to be spent foolishly. Excellent idea on taxing capital gains/dividends as ordinary income. This would solve much of rich not paying enough taxes problem.
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DC Al Fine
Atlas Icon
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Posts: 14,080
Canada


« Reply #1 on: March 17, 2013, 08:17:26 AM »

The mortgage interest deduction is, to my mind, discriminatory against renters and encourages disastrous overinvestment in single-family housing, especially relative to other forms.

Amen to that. It's one giant subsidy to a particular lifestyle choice, and it encourages people to incur more debt and stay in debt longer. Horrible policy.
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